Techniques To Save Money When Buying Land

29 September 2016
 Categories: Real Estate, Blog

When you're thinking about building a home, whether it's an immediate goal or something you'd like to do in a few years' time, one of your first priorities will be to purchase a plot of land on which you can build. It's wise to do what you can to save money on the lot; any savings in this purchase will allow you to spend more money on the construction of your home, if desired. Here are some techniques that you can use to save money when you purchase this piece of land.

Don't Go For A Prime Location

Once you've identified the area in which you wish to buy land or even the specific subdivision itself, you'll often encounter a wide range of lot prices based on the exact location of each lot. In many subdivisions, the lots that are on a corner or at the entrance of the subdivision will cost more money to buyers; conversely, a lot that isn't on a corner or is located toward the rear of the subdivision might be able to be purchased for significantly less than lots of a similar size nearby. While there are certainly advantages to corner lots or lots near the entrance to the subdivision, you can often save money by avoiding these.

Evaluate Cleared Versus Uncleared

When you shop for a lot, you'll have the option of buying one that still has trees on it versus one that has been cleared. Generally, those that have been cleared will be pricier because of the labor involved in the clearing process. For this reason, it can be advantageous to look at lots that have trees. While you'd still need to hire a tree service to clear some trees off the lot, you might be able to keep the majority of them to give your lot a wooded feel — and save money in the process.

Consider A Lot That Can Be Severed

When you have your eye on a few lots, contact your local building department to ask if the lots can be severed. If you have the capital to buy a larger lot, you can sever the lot — split it into two or more lots — and then keep one lot and sell the other(s). This approach can provide tremendous value, giving you a specific size of lot for a fraction of what others would pay for a lot of that size in the same area.

Contact a company like Mattox Realty for more information.